WTI Crude Oil Trading

earned a few bucks profit SL got hit

WTI HITS FRESH WEEKLY HIGHS ABOVE $ 59 AHEAD OF EIA DATA
10 July 2019, 13:13

 

1. Rallies on reports that US rigs evacuated, falling US crude stockpiles.
2. Broad US dollar correction also underpins the upside momentum.
3. Focus on EIA crude stocks data amid US-China trade talks, Powell’s testimony.

WTI (futures on Nymex) is seen building up on the recent bullish momentum, rallying 2% so far this Wednesday, underpinned by the bullish American Petroleum Institute (API) weekly crude inventories report and the US rigs evacuation.

According to Reuters, “major producers began evacuating and shutting in production in the Gulf of Mexico as a tropical disturbance may become a storm later on Wednesday or Thursday”. Therefore, expectations of a potential disruption in the crude supplies supported the black gold.

Meanwhile, the API data showed that the US crude inventories dropped by 8.1 million barrels in the week to July 5 to 461.4 million against expectations for a decrease of 3.1 million barrels.

Moreover, a profit-taking drop in the US dollar across its main competitors also collaborates to the ongoing upside in the barrel of WTI. A weaker US dollar makes the USD-denominated oil cheaper for foreign buyers.

Markets look to readjust their USD positions ahead of the key event risk, the Fed Chair Powell’s testimony that could have a major impact on the dollar trades, eventually impacting oil prices.

From a broader perspective, the sentiment around the commodity remains buoyed amid OPEC supply cuts extension, escalating US-Iran tensions and resumption of the US-China trade talks.

All eyes now remain on the official crude stocks data from the US government’s Energy Information Administration (EIA) due later today at 1430 GMT for near-term trading opportunities.

You'll get the next one champ!

Thanks Li, but ohh the irony of following your chart indicators, in the words of Lemmy, G.R.H.S (Motorhead) "you win some you lose some it's all a game to me"
D

What do you mean with the irony of following your chart indicators. Enlighten us so we good help you.

EIA: US crude oil inventories decreased by 9.5 million barrels, WTI jumps above $59
10 July 2019, 17:33

The weekly report published by the U.S. Energy Information Administration showed that commercial crude oil inventories in the U.S. decreased by 9.5 million barrels in the week ending July 5.
With the initial market reaction, crude oil gained traction and the barrel of West Texas Intermediate rose above the $59 mark. As of writing, the WTI was trading at $59.45, adding nearly 2% on a daily basis. Below are some key takeaways from the publication.
"U.S. crude oil imports averaged 7.3 million barrels per day last week."
"Gasoline production increased last week, averaging 10.4 million barrels per day. Distillate fuel production increased last week, averaging 5.4 million barrels per day."

The chart I posted, was following the down arrows, and closed out for the loss, now their up and so is the price, typical, D
EDIT
My indicators that should have been, I should have written,
"Ohh the irony of following my own indicators"

aha i see. Can your system be applied on multiple timeframes?

maybe i can help with some entry/exit strategies if you would like that.

Nice trade on the EU, I still have a short position, the break out was well timedD, Island fund here we come.

Li unfortunately it's set as is, these are the same I sent you, just the arrows are not present, will send you mail if you like, only difference with this version is it's only exe file and cannot modify it, it was the coded example of the original.

Mailed, D

Short WTI again,59.45

Closed, not this time,maybe next, D

Re-entered, 58.86

To bad champ. Perhaps 60.11 allthough inventory were really good. Else apply my method i mailed you to go short.

Sol @ 59.85 TP: 55.55 (Gambling )

Some interesting stuff found in youtube

Thans Li, will test over the weekend, thank you too for your sentiments.
All too good on the 1min, trending up in a military like fashion, I may be wrong and my entries a little early,should have been 60 but think when this tips there will be no warning, limited upside in my opinion, all speculative too, D

Aariapoor, gambling!, I seen your excellent short, stayed in and rode that baby down you did, good luck, D

Recently my win lost ratio is 1 to 99 this is why I changed my status to "inverse trader"
I take trades in the best places but exactly to the opposite direction